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Author Topic: Will bitcoin be the ideal currency of the future?  (Read 1453 times)
stiffbud
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July 11, 2020, 03:14:38 PM
 #161

Well considering the rate at which fiat and paper currencies are disappointing, bitcoin seems a good option, but even bitcoin is affected by price volatility, it would be a perfect fit if it is a stable coin, my opinion though
Governments all around the globe are currently trying to develop their own national digital currency and I guess in the future we will be transacting with these currencies wherever we go. Consider the case of China, in China most of the payments are processed by its own payment processors and mostly the Chinese people use digital methods of payment, they don't even have to type in the password for doing payments, their facial recognition software does its job perfectly. The future will definitely be governed by the digital currencies and bitcoin will also be one of those currencies.

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July 11, 2020, 05:13:22 PM
 #162

Well considering the rate at which fiat and paper currencies are disappointing, bitcoin seems a good option, but even bitcoin is affected by price volatility, it would be a perfect fit if it is a stable coin, my opinion though
Governments all around the globe are currently trying to develop their own national digital currency and I guess in the future we will be transacting with these currencies wherever we go. Consider the case of China, in China most of the payments are processed by its own payment processors and mostly the Chinese people use digital methods of payment, they don't even have to type in the password for doing payments, their facial recognition software does its job perfectly. The future will definitely be governed by the digital currencies and bitcoin will also be one of those currencies.

Exactly, many of the government's want to launch their own coin rather than going for other coins which has already listed also many of them give prior to it because they feel like it's a secured one and probably better.

This digital payment system will work all over the globe very soon and I believe in most of the countries they will lift the crypto ban too.

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July 12, 2020, 06:48:57 AM
 #163

Bitcoin is currently, partly the most ideal currency. For some people who looking for privacy and security it's the most ideal idea because, I guess that's the goal of Bitcoin, For people who usually transfer a huge a amount of money And for people like me who don't like the normal back accounts because of the corrupted banking systems and printing money all the time. These are benefits of Bitcoin for people and depends how and where you use it. But, for small transactions requiring higher speeds, Bitcoin is still not that much ideal. However there can be a solution for this problem in near future.
Also, regarding to hash encryption, I guess SHA256 is already strong enough for now can years later, however the security can be upgraded for the future usage.

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July 12, 2020, 06:59:51 AM
 #164

Well, bitcoin is already an ideal currency but only for those people who knew bitcoin. But, not all people who knew Bitcoin deal with it. So it is still hard to predict

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July 12, 2020, 07:11:40 AM
 #165

Bitcoin is currently, partly the most ideal currency. For some people who looking for privacy and security it's the most ideal idea because, I guess that's the goal of Bitcoin, For people who usually transfer a huge a amount of money And for people like me who don't like the normal back accounts because of the corrupted banking systems and printing money all the time. These are benefits of Bitcoin for people and depends how and where you use it. But, for small transactions requiring higher speeds, Bitcoin is still not that much ideal. However there can be a solution for this problem in near future.
Also, regarding to hash encryption, I guess SHA256 is already strong enough for now can years later, however the security can be upgraded for the future usage.

Bitcoin is still far away from ideal currency. Yes, you described its benefits which are true but there are also many limitations.  Like high volatility, low adoption, lack of regulation. Because all of that you can't rely only on Bitcoin but you actually need to use sone others m currencies, fiat currencies, to be able to cover all needs in your real life.
Maybe in the future that will change and Bitcoin will go through certain kind of upgrade to become more ideal. But in general words, nothing in life is ideal.

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July 12, 2020, 09:00:43 AM
 #166

I don't think Bitcoin can be the currency at all in the future... Other cryptocurrencies could be used for that...
Bitcoin is not convenient for making small payments... I think that it will not change in the future!
But as a means of investing (like gold) may well be!

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July 12, 2020, 09:01:37 AM
 #167

I'm afraid all these things may change in the future
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July 12, 2020, 09:41:49 AM
 #168

An ideal currency doesn't exist in real world and bitcoin is not even close to an ideal currency!

There's no such thing as an ideal currency and bitcoin have a lot of flaws to make it as an asset.

Volatility is one and most of the people who engaged in cryptocurrency know that. But still people chose to deal with that because the profit in doing bitcoin investment is higher than you can imagine. When we talk about an ideal currency, it should be perfect, no volatility, no fluctuations and has no flaws. But in reality, that currency is non existent.

We should enjoy those cryptocurrency where we can get benefit from them and do not compare them based on their value because they have their own importance and prices depending on the market,.
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July 12, 2020, 10:46:00 AM
 #169

Well considering the rate at which fiat and paper currencies are disappointing, bitcoin seems a good option, but even bitcoin is affected by price volatility, it would be a perfect fit if it is a stable coin, my opinion though
Governments all around the globe are currently trying to develop their own national digital currency and I guess in the future we will be transacting with these currencies wherever we go. Consider the case of China, in China most of the payments are processed by its own payment processors and mostly the Chinese people use digital methods of payment, they don't even have to type in the password for doing payments, their facial recognition software does its job perfectly. The future will definitely be governed by the digital currencies and bitcoin will also be one of those currencies.

Exactly, many of the government's want to launch their own coin rather than going for other coins which has already listed also many of them give prior to it because they feel like it's a secured one and probably better.

This digital payment system will work all over the globe very soon and I believe in most of the countries they will lift the crypto ban too.

I can't say anything about the crypto ban in different countries as this will be their personal choice whether to lift the ban or keep implementing it and I think that in the future due to the pressure from other countries and the taxes collected by the governments, those countries with a crypto ban in place will surely lift the ban or at least will think about it.
Definitely Yes! In future most of the transactions will be done digitally just like what we see in the science fiction movies it will become a reality and the society will become paperless in terms of using money.

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July 12, 2020, 12:33:49 PM
 #170

When I say ideal I mean:

  • People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
  • Over time, it will still have value.
  • It cannot be spoiled by human.
  • It is decentralized, no one controls it.
  • You can send/receive the currency really quickly.

These are some basics requirements for the ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?

Should bitcoin use SHA512? Or something even stronger?

I guess bitcoin technology really is futuristic having this digital currency or digital money seems to be the future.

As of now, there are still so many countries that are using physical money or fiat money but when you're thinking about future its more like of advance technology when it comes to currency or money we could say that bitcoin or cryptocurrency really is the most advance as of today that is really suited in the future.

For sure we want a more reliable, fast transaction as we get more advanced technologies in the future. Some better technology could exist in the future but I guess bitcoin is the best at the moment.


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September 26, 2020, 04:29:40 PM
 #171

This is very normal. In my opinion, Bitcoin will be the ideal currency. Because Bitcoin gives us many benefits and even in such a pandemic situation Bitcoin is going with our highest service. However, if Bitcoin can overcome the difficulties that are there, it will become the ideal current any how.

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September 26, 2020, 04:40:36 PM
 #172

This is very normal. In my opinion, Bitcoin will be the ideal currency. Because Bitcoin gives us many benefits and even in such a pandemic situation Bitcoin is going with our highest service. However, if Bitcoin can overcome the difficulties that are there, it will become the ideal current any how.
In some people bitcoin is the future currency for them but for me if I would be asked? All I can say is nobody can predict what will happen next because there are things that are unexpectedly can occur in the future just like this pandemic we didn't expect this to come same as if the bitcoin will be the future currency. There are instances that we should keep in mind in order for us not to expect and to be hurt in the future if ever that the bitcoin wouldn't be our future currency.

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September 26, 2020, 05:47:49 PM
 #173

  • People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
  • Over time, it will still have value.
  • It cannot be spoiled by human.
  • It is decentralized, no one controls it.
  • You can send/receive the currency really quickly.

so the last point refers to bitcoin lightning network then.

hmm, I found this on Wikipedia when I searched for ideal money.
https://en.wikipedia.org/wiki/Ideal_money
it explains bitcoin and ideal money from Nash's perspectives.

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September 26, 2020, 05:58:57 PM
 #174

Yes, bitcoin has ability to be an ideal currency in future. Everyday people are joining with bitcoin. At this stage it is most popular crypto currency.

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September 26, 2020, 09:55:38 PM
 #175

This is very normal. In my opinion, Bitcoin will be the ideal currency. Because Bitcoin gives us many benefits and even in such a pandemic situation Bitcoin is going with our highest service. However, if Bitcoin can overcome the difficulties that are there, it will become the ideal current any how.
in this pandemic, Bitcoin can be said very resiliently...
I believe Bitcoin can become the ideal currency in the future but the biggest obstacle is the transaction processing time which seems slow and also its value has changed drastically. I'm more into 'Bitcoin is the most ideal asset in the future'.

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September 26, 2020, 11:17:00 PM
 #176

I don't think that it would be possible in future, even though cryptocurrency has been used by so many people around the world, even though it is really helpful for everyone who is using it, it cannot still be a standard currency in the future because as what we all know it is decentralized, which means it cannot be handled by the government and its volatility makes it not suitable to be used for daily lives.

I think cryptocurrency is only good as an alternative currency for fiat currency, it is meant to be converted to fiat currency whenever we want to.

I agree, maybe bitcoin as we know it will be the BASIS of whatever currency we wind up using down the line, but I do think that whatever we end up using will be somehow referencing BTC (i.e, it won't just use "the blockchaiN", it will be built on top of the actual bitcoin blockchain but be much more scalable).
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September 26, 2020, 11:30:11 PM
 #177

This is very normal. In my opinion, Bitcoin will be the ideal currency. Because Bitcoin gives us many benefits and even in such a pandemic situation Bitcoin is going with our highest service. However, if Bitcoin can overcome the difficulties that are there, it will become the ideal current any how.

Doesn't mean it gave us great benefits or usually, profits, means that it is an ideal currency. Decentralization is one of the main reasons why it is said to be an ideal currency but we all know that the government will not allow a decentralized crypto currency replace with what we have now. I think I see it as the best alternative for fiat.

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September 26, 2020, 11:55:44 PM
 #178

Probably not the ideal currency cause :
1. not stable value
2. deflationnist money.
But I think in the Future, people will think Bitcoin (2010 decade) was an important money historic breaking point.

"deflationnist money." really? Many fiat currencies only go down in value since they were invented. Go do your homework.

Well considering the rate at which fiat and paper currencies are disappointing, bitcoin seems a good option, but even bitcoin is affected by price volatility, it would be a perfect fit if it is a stable coin, my opinion though

You right. Some fiat currencies have only performed badly but people seem to think that the might USA and pound are the only currencies in existence. Many countries from third worlds have fiat which is worthless and becomes more so every day. Bitcoin is more stable then these fiat currencies if you compare them. I would rather have something that goes up and down then something that generally just goes down. and rarely goes up.

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September 29, 2020, 04:23:26 PM
 #179

I believe that there are many criteria to consider currency as an ideal currency. Every people have their own criteria for it. Well, there are different pros and cons of each currency and way of transaction available in this world. Only a person can say if such currency is ideal for him/her or can say that "this currency is better than this". But in general, I don't see any ideal currency for now.



You are absolutely right. I would like to subtract that Bitcoin has not yet established itself as an ideal currency but will be able to do so in the future.

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September 29, 2020, 06:26:52 PM
 #180

When I say ideal I mean:

  • People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
  • Over time, it will still have value.
  • It cannot be spoiled by human.
  • It is decentralized, no one controls it.
  • You can send/receive the currency really quickly.

These are some basics requirements for the ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?

Should bitcoin use SHA512? Or something even stronger?

These are actually the ideas that makes up "Bitcoin" but if the question tackles a broader sense of ideal currency, I guess a broader answer would mean a cashless way to provide payments.

I actually support you that idea since Bitcoin would really need a better service if it wants to be usable anywhere in the world. Bitcoin can still be controlled though??? but lets just wait it out on time

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